salaryRent is lower than in 66% of U.S. cities. A typical house costs about 3.5 years of household income. Most households rent (56%), so there are plenty of rental options. It is a highly educated city: 55.3% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $54,120 a year. That is $26 an hour at a full-time job.
Is rent cheaper than other Ohio cities?
No. Rent here is more expensive than in most of Ohio. It is number 168 of 288 cities from cheapest to most expensive.
How much do households earn in Lakewood?
Share of households by yearly income. 24.6% of households earn $100,000 or more.
Rent by apartment size in Lakewood
| Size | Lakewood | U.S. average |
|---|---|---|
| Studio | $837 | $1,338 |
| 1 bedroom | $975 | $1,324 |
| 2 bedrooms | $1,307 | $1,509 |
| 3 bedrooms | $1,651 | $1,698 |
| 4 bedrooms | $1,865 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Lakewood overall?
Everyday prices in Ohio overall are 7% below the U.S. average (index 92.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Lakewood, so the Ohio figure is shown.
Taxes and bills in Lakewood
Life in Lakewood
Is it cheaper to rent or buy in Lakewood?
Renting is cheaper right now: about $466 a month less.
Owning assumes a typical $262,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $26,220 for the down payment.
Frequently asked questions
What is the average rent in Lakewood, OH?
Renting in Lakewood costs a median of about $1,353 a month in 2026, including utilities. The Ohio median is $1,261.
How much do I need to make to live in Lakewood?
To keep rent under 30% of income, you need about $54,120 a year, or $26 an hour at a full-time job.
Is Lakewood cheap or expensive?
Lakewood is rated OK: rent takes 21.8% of the typical household income of $74,367. It ranks 168th cheapest of 288 Ohio cities we track.
How much are property taxes in Lakewood?
The median homeowner in Lakewood pays $5,266 a year in property taxes, about 2.01% of the median home value.
Is Lakewood more expensive than the national average?
Overall prices in Ohio are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Lakewood?
The median home value in Lakewood is $262,200, about 3.5 times the typical yearly household income.
50,007 people live in Lakewood. Numbers are typical (middle) values.